As we've noted for years, the entire strategy of Washington towards the economy is to cover up the fraud [9] which caused the financial crisis ... even though prosecuting fraud and re-establishing the rule of law is the only way [10] to get out of this depression [11].
One major front in Washington's cover-up effort has been to settle fraud cases with the big banks for pennies on the dollar. This is a backdoor bailout for the banks [12], encourages them to commit more fraud, and fails to plug the basic holes in the economy which are preventing a recovery.
Why are we bringing this up now?
Because Obama is making a giant push to pressure the states attorneys general [13] to settle all of their mortgage-related fraud claims against the banks for pennies on the dollar.
Yves Smith - who has an ear to the ground on this - warns that a settlement which hurts consumers and the economy will happen very quickly if people don't raise a ruckus.
Smith is asking [14] people to call their state attorney general (not their elected reps) to oppose the settlement:
Here are some of the reasons to oppose a settlement:
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1 comment:
So much for the dems taxing the rich.
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